Investors of HSBC Securities appear to dispute the sales practices of one of the company’s securities brokers, Brian Schwartz (CRD#: 4059140, New York, New York). Evidently, Schwartz’s Financial Industry Regulatory Authority (FINRA) BrokerCheck Report shows that at least 4 clients came forward with formal disputes. These client disputes suggest that Schwartz, who joined HSBC in January 2005, sold unnecessary and unsuitable investments.
HSBC Client Indicates That Brian Schwartz Made Bad Stock Trades
A client of HSBC brought a formal complaint in May 2019 about Brian Schwartz’s stock sales. Namely, the client alleged that Schwartz purchased an inappropriately large amount of equities for the client via an initial public offering. Supposedly, a large quantity of investments in Uber led the client’s account to be overconcentrated or otherwise lack diversification. Allegedly, Schwartz also provided the client with wrong information in regard to the purchase. It appears that in July 2019, HSBC settled this matter through a payment of $11,105.25 to the client.
Schwartz Allegedly Purchased Unsuitable Bonds For HSBC Client’s Account
Schwartz also discloses that an HSBC client contested Brian Schwartz’s sales practices through a complaint dated July 17, 2017. Allegedly, Schwartz made a $1,500,000 purchase of long term bonds for the client’s account. Supposedly, this purchase was unnecessary and unsuitable because of the client’s investment circumstances. Namely, the client had a short-term investment horizon because of needing funds for an upcoming home purchase. Supposedly, Schwartz failed to acknowledge the client’s liquidity needs. HSBC opted to settle this matter on October 3, 2017 through compensating this client.
HSBC Clients Indicate Brian Schwartz Sold Bad Mutual Funds
Evidently, two HSBC clients brought disputes in 2005 because of Brian Schwartz’s trading practices. In both disputes, clients indicate that Schwartz invested their assets in mutual funds which were not suitable for them. Schwartz also allegedly misrepresented information about the investments, according to at least one client. Because of this, the securities firm provided more than $55,000 in total to these clients pursuant to settlement agreements.
Did Brian Schwartz cause you losses? If so, contact Soreide Law Group at (888) 760-6552. Speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.